Update with toggle for text label.
//@version=2 //FxLowe - Inside bar breakout failure. study(title = "Inside Bar Breakout Failure", overlay = true) showlabel = input(title="Show label", type=bool, defval=true) outsidebar = (high >= high[1] and low <= low[1]) insidebar = ((high[1] <= high[2] and low[1] >= low[2]) and not(outsidebar)) bearishibbf=( insidebar and (high > high[1] and close < high[1])) barcolor( bearishibbf ? white : na, 0, true, "Bearish Inside Bar Breakout Failure") plotshape(showlabel ? bearishibbf : na, title= "Bearish Inside Bar Breakout Failure", location=location.abovebar, color=white, style=shape.arrowdown, text="Inside Bar\nBreakout Failure") bullishibbf=(insidebar and (low < low[1] and close > low[1])) barcolor( bullishibbf ? white : na, 0, true, "Bullish Inside Bar Breakout Failure") plotshape(showlabel ? bullishibbf : na, title= "Bullish Inside Bar Breakout Failure", location=location.belowbar, color=white, style=shape.arrowup, text="Inside Bar\nBreakout Failure")